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Plenty of credit card users are fed up with the game that frequent flyer programs have become. Credit card users dutifully earn tens of thousands of frequent flyer miles, sometimes over the course of years, with the hopes of redeeming these miles for award flights. In many cases, their hopes are dashed when they discover that the airlines have allocated scant award seats at the lowest mileage levels. In other cases travelers are hit with taxes, fees, and surcharges for award flights that they were led to believe were free.

Capital One perfectly captured this frustration in a series of advertisements, like this one, that feature comedian David Spade informing credit card users that they can't actually use their miles. The solution offered by Capital One is their No Hassle miles that can be redeemed for statement credits toward any travel expense with the Capital One® Venture® Rewards Credit Card.

Why We Like This Card

One-time bonus of 50,000 miles

Unlimited 2x miles on purchases

No foreign transaction fees

How This Card Works

This card offers double miles on all purchases and unlimited 10x miles on hotels when you pay with your Venture card at hotels.com/Venture. Once earned, these "miles" can be redeemed for a statement credit towards travel purchases, such as airfare, hotels, car rentals, or cruises. Miles are worth one cent each, so each dollar spent returns 2% back in reward value. Cardholders simply log into their account on Capital One's website, select travel expenses, and apply for reimbursement. In my experience, reimbursement came quickly.

Bonus offer: You'll receive a one-time bonus of 50,000 miles (equal to $500 in travel) after you spend $3,000 in purchases on your card within 3 months from account opening.

Costs

$95 Annual Fee (waived for the first year)

14.49%-24.49% variable APR

$0 Balance Transfer Fee

$0 Foreign Transaction Fee

Pros

Generous bonus. You get a one-time bonus of 50,000 miles when you spend $3,000 on purchases within 3 months from account opening equal to $500 in travel.

Flexible rewards program. Use rewards on any flight on any airline or stay with any hotel with no blackout dates. Most travel charges are eligible. This gives you the most freedom to redeem your hard earned miles for actual travel. (See also: Best Travel Rewards Credit Cards)

No foreign transaction fees. Many credit cards charge up to 3% for foreign transaction fees. With this card, you can feel confident using it for your travel bookings, as well as while you're on your trip. (See also: Best Credit Cards without Foreign Transaction Fees)

Cons

High interest rates. Cardholders can expect a standard variable APR of 14.49%-24.49%, based on their creditworthiness. That said, those who carry a balance should forget about reward cards and look for a product with the lowest possible interest rate. (See also: Best Credit Cards with Low Interest Rates)

Annual fee. If you don't get at least the annual fee's worth in miles each year, you should find another card that will give you better value.

Who This Card Is Best For

This is the ideal card for users who want flexibility in their travel redemption, and will make enough charges each year to make up for the annual fee. By combining competitive rewards and a flexible redemption program, the Capital One Venture Rewards card can be a great choice for those who aren't interested in playing games with points and miles.

Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

Steve #1

Capital One® VentureOneSM has no annual fee even though your get 1.25 points per dollar spent. It has most of the same benefits without the fee. Just thought I would pass this option on to your readers.

Wise Bread is an independent, award-winning, advertising-supported website. Many credit card offers that appear here are from companies from which Wise Bread receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). Wise Bread does not include all card offers in the marketplace.

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Advertiser Disclosure: Many of the credit card offers that appear on the website are from credit card companies from which Wise Bread receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This site does not include all credit card companies or all available credit card offers. Please view our advertiser disclosure page for more information.